AIIB agrees $500m loan to boost Pakistan's fight against COVID-19

The Asian Infrastructure Investment Bank has approved a loan of $500 million for the COVID-19 Active Response and Expenditure Support (CARES) Program to support Pakistan’s efforts to manage the effects the pandemic.

The funds will support expenditures allocated by the government for protecting the poor and vulnerable, including women, augmenting the health sector capacity and supplies, and protecting productive sectors and small businesses from economic downturn. 

The CARES programme is funded under AIIB's COVID-19 Crisis Recovery Facility and cofinanced with the Asian Development Bank.